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Warba Bank’s revenue grows 27.48 pct to KD 10.32m in ’13 Lender’s losses reach KD 3.7 million

KUWAIT CITY, March 31: Warba Bank held its annual ordinary general assembly today (Monday) at the Ministry of Commerce and industry, disclosing that the bank’s total assets grew by 81.48 percent by the end of 2013, reaching KD 405.5 million, in comparison to the total assets of 2012 which was KD223 million. During the assembly, board members were discharged from any liability of the same year, and complimentary board members were elected for the current session of Warba’s board of directors. The bank determined that losses have reached KD 3.7 million by the end of 2013, while costumer deposits have reached KD 246.86 million, compared to 78.21 million from the past year.

In regards to the disclosure, Chairman of Warba Bank Emad Al-Thaqeb stated that despite the challenges posed by local and global economical conditions, as well as the fierce competition between local banks, Warba’s business indicators showed promising improvements, as reflected by the bank’s performance, which in result highlights the bank’s strong financial position and assets.  With the revenue growth of 27.48 percent to KD 10.323 million and adequacy ratio reaching 47.54 percent by the end of 2013, Warba bank is going the extra the mile in terms of recruiting national manpower, making the number of Kuwaiti employees exceed the set 60 percent of the bank’s total employees.

Since Warba bank is a “sharia” based bank, Al-Thaqeb pointed out that the bank seeks to develop the best costumer service level, as well as fulfill the financial and investment requirements of costumers, he added that this vision in mind, we have successfully launched a number Sharia-compliant products and services that will hopefully meet the expectations of costumers. Due to the bank’s keenness to serve costumers both inside and outside the country, Warba Bank has enhanced the effectiveness of its call centre by updating its systems and training its employees to better serve its costumers in professional and efficient manner throughout the year 2013.

Additionally, in an attempt to get closer to the bank’s costumers, Warba has launched new branches in Al-Farwaniya area and in the Avenues, Al-Thaqeb also revealed their plans of launching additional branches in Al-Jahra and Al-Ahmadi areas. The general assembly also appointed Ernst & Young and KPMG as external auditors for the bank, dedicated to the fiscal year 2014, and authorized the board of directors to determine their fees.

By Ahmed Al-Naqeeb
Arab Times Staff

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